Pershing Square gets permission to turn Allergan options into shares

BOSTON May 2 (Reuters) - Hedge fund manager William
Ackman's $13.6 billion Pershing Square Capital Management has
received permission from the U.S. Federal Trade Commission to
turn Allergan Inc options into shares, a source familiar
with the matter said on Friday.

Ackman is working with Valeant Pharmaceuticals International
Inc to buy the Botox maker. Two weeks ago, Pershing
Square said in a U.S. regulatory filing that it had acquired a
nearly 10 percent stake in Allergan, using call options and
forward contracts to help build its position.
(Reporting by Svea Herbst-Bayliss; Editing by Lisa Von Ahn)